According to the Central Bank of Nigeria (CBN), the exchange rate between the US dollar and the Nigerian naira as of today, July 1, 2022, is 415.77/1$.
Dollar To Naira Exchange Rate, July 02, 2022 Black Market
In the CBN trading section, the Naira's value against the dollar remained unchanged from when trading ended on Wednesday.
On Monday, the initial US Dollar rate was 415.64/1$, which indicates that the Dollar increased by 0.03 percent against the weekly local currency.
The value of the Naira to the Dollar decreased on Thursday at the official exchange rate window (I & E), decreasing by 17 Kobo or 0.04 percent, closing at N425.05/$1 as opposed to the N424.88/$1 it was traded at on Wednesday.
The Naira fell Wednesday as a result of poor turnover at the Investors and Exporters (I&E) window of the foreign currency market and dealers' failure to meet customer demands, according to statistics from the FMDQ Securities Exchange.
In the meantime, merchants on the underground market traded currencies starting at a minimum value of N590/1$ and going as high as N612/1$, maintaining a flat exchange rate.
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